Policy
uncertainty discourages innovation and hurts the environment by Lucas Davis
http://theconversation.com/policy-uncertainty-discourages-innovation-and-hurts-the-environment-70261
“When there is uncertainty, there is “option value” to delaying irreversible investments. In other words, it is often better to wait and see what happens, rather than to make a costly mistake. R&D investments are particularly affected by uncertainty, because the return on these investments is sensitive to what happens with policy.”
“When there is uncertainty, there is “option value” to delaying irreversible investments. In other words, it is often better to wait and see what happens, rather than to make a costly mistake. R&D investments are particularly affected by uncertainty, because the return on these investments is sensitive to what happens with policy.”